Artificial intelligence (AI) may be an obvious conversational topic in a rapidly advancing digital world, however, how many of us are acquainted with its potential and how to fully harness it? Yes, we’re all aware of its other capabilities (such as automated pathways for detecting anomalies in supply chains), yet the horizon is much broader. Hence, let’s explore how Document AI can be utilized for data & document management.
AI at its finest
We often refer to AI Document software as a package designed to detect & intelligibly interpret content using algorithmic logic. Now, if we consider data management here too, we soon realize that AI document analysis software can not only understand what is written but also formulate deductions from it. AI document processing software can assist in capturing, extracting, and then processing unstructured data. This is where Intelligent Document Processing (IDP) comes into play. Powered by AI, it automates many manual & mundane clerical tasks, boosting workplace efficiency – as well as productivity. Additionally, by deploying such models, error-induced risks and time expenses are both mitigated.
What is AI?
AI encompasses NLP (Natural Language Processing), computer vision & Machine Learning (ML) among other facets to interact and interpret data from various sources. It replicates human cognition, based on parameters such as reasoning logic gates to make informed decisions. When combined with automation, this powerful tool enables the categorization and exportation of large data sets. Suddenly, we have a scalable process to handle voluminous data at speed! Now, whether it is from scanned (Optical Character Recognition) R based documents to large legal contracts, IDP can seamlessly search, sort & enumerate all pertinent data at the touch of a button.
IDP
IDP is a process to capitalize on AI’s potential in logically interpreting documents & vast data. It extends the scope of automation by actively searching for specific information in a quick & efficient manner. Now documents can be analyzed in minutes with meaningful insights.
A product offering AI data & document management
The coveted EdgeVerve has its very own in-house XtractEdge software, which excels at analyzing data from documents for various commercial applications. This IDP solution saves effort, money & time, as outlined in a major telecom study (upon its implementation). A universally accessible approach-based interface offers an ergonomic platform to interpret almost any type of data from documents. This is regardless of their format or orientation.
The apt four-stage model consists of:
- Digitization: extracting data in a manageable form
- Enrichment: add context to the extracted data for added intelligence
- Analyze: interpret the data with data driven insights
- Consume: use the data via downstream integration for enhanced searchability
What really sets XtractEdge apart from the rest?
XtractEdge offers a unique set of features, unparalleled in the industry of AI & automation.
These include:
- Enterprise-ready integration connectors
- Automatic document classification for ultimate identification of data sources
- Detailed & versatile data extraction, supported by machine learning
- Computer vision using deep learning & NLP to detect relevant objects or intent
- Cognitive search operating keyword criteria
- Ergonomic GUI for assisted manual review & feedback loop
- Performance analytics dashboard gauges & ensures quality
- Personalized & flexible processing using the intuitive UI
These are supported by managed & secure protocols to maximize performance in various settings, throughout the industry.
Furthermore, with quicker time to value, a unified solution, and compliant business process enhancement, there is another reason to choose XtractEdge.
What the future holds for AI in data & document management
As the need for data heightens, brands will soon be compelled to implement automated solutions to handle even enormous volumes of information. This indicates the essential requirement for such software to analyze data accurately. It could very well become mainstream, as already expected to. It is just a matter of time – not even that long before we witness a customary setup to boost document analysis rates by simply using IDP and suchlike. As this evolves, so will the concept of fast-tracking contract analysis to swiftly locate the much-needed data that analysts often pine for. The result? We could very well create a micro-niche industry of analytics, which is already underway. Given the scope of automation, experts will soon shift their focus on to other ways to streamline such processes for the benefit of society and the betterment of humanity.
Conclusion
It may just seemingly be another tech fad to revolutionize the future but AI and specifically IDP are the way forward in this digital world. They enable endless possibilities, in terms of data interpretation with the capability to adapt & scale beyond the realms of the convention. Expedite processes, reduce wastage, increase productivity and ultimately – drive operational efficiency.
Clerical processes can be redefined, refined & made sublime, simply with the use of a powerful yet lightweight tool. Something which adds real tangible value to the daily operations of brands by saving valuable time of employees who can then reinvest this in growing the business. Expanding such scope will only create a more meaningful data centric model for everyone to follow. So, what are you waiting for? Automate your document processing today and be amazed at what you can achieve so quickly?